DALLAS, September, 28 2012 — Dallas, Texas-based Metropolitan Capital Advisors (MCA), a financial intermediary specializing in the exclusive representation of investors, developers and property owners in the commercial real estate capital markets, has arranged a $2,370,000 Equity JV (Joint Venture) along with a $13,314,000 construction loan for the to-be-built Hilton Garden Inn & Convention Center located in Lawton, Oklahoma.
The project will be a public/private partnership between the Sponsor/Developer, Lawton Lodging, LLC and the City of Lawton along with the Comanche County Industrial Development Authority. The project will utilize New Market Tax Credits as a portion of the capitalization.
The project will include a five-story Hilton Garden Inn with 165 Rooms plus an adjacent 24,000 sf free-standing convention building. The project will deliver a full service hotel experience with the efficiency of a “focused service” building design and operating philosophy.
Construction of the project will commence immediately with the hotel slated for an opening in February 2014.
MCA Senior Director, Todd McNeill was responsible for arranging the construction loan with a regional bank. The equity capital was provided by a private investor.
Since 1992, Metropolitan Capital Advisors has closed in excess of $8.5 billion of debt and equity transactions. National Real Estate Investor Magazine has consistently ranked MCA as one of the top CRE Financial Intermediaries in the US. MCA has already closed over $200,000,000 of commercial real estate financing during 2012.